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Milk Not Spared in Monday Market Beatdown

March 30, 2020


Commodities across the board had an atrocious day. Spot corn dropped 4 ¾ cents to $3.4125 per bushel.  May soybeans gained ¾ of a cent to $8.8225.  Nearby Chicago Wheat rallied 7.75 cents to $5.7150 per bushel.  April Live Cattle finished $1.75 lower to $99.20 per cwt.  April Feeder Cattle fell 55 cents to $120 and 5 cents.


 It was an absolute train wreck in the CME Dairy Product trade today as butter was down 9 cents to $1.3975.  Cheddar blocks had 15.25 cents beaten out of the market to $1.4375.  Cheddar barrels slid 4 cents lower to $1.30 per lb.  Grade A nonfat milk lost 2.50 cents to $.895 per lb.  Dry whey remained unchanged at $.33 per lb.


Class III milk futures showed no mercy today.  April tumbled 49 cents to $14.83.  May milk had 72 cents ripped out to $13.15 per cwt.  June milk was the biggest loser, finishing limit down at $13.25.  Second half 2020 lost 30-67 cents and is now averaging $14.75 per cwt.  


Class IV milk was not spared in the dairy beatdown.  April, May, and June did not have any trades today.  July milk suffered a 66-cent loss to $12.18 per cwt.  August fell 38 cents to $12.85.  September milk finished limit down to $12.75 per cwt.  Second half 2020 is now averaging $12.96 per cwt.


milkbusiness.com